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प्रश्न
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of __________.
पर्याय
all the partners
the old partners
the new partner
the sacrificing partners
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उत्तर
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of the sacrificing partners.
APPEARS IN
संबंधित प्रश्न
Answer in one sentence only.
What is revaluation account?
Write a word/phrase/term which can substitute the following statement.
An account opened to adjust the value of assets and liabilities at the time of admission of a partner.
Vasu and Viraj Share Profits and Losses in the Ratio of 3:2 respectively Their Balance Sheet as on 31st March 2019 was as under
Balance Sheet as on 31st March, 2019
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 45,000 | Cash at bank | 750 |
| General Reserve | 30,000 | Sundry debtors | 66,750 |
|
Capital: |
Stock | 25,500 | |
|
Vasu |
1,08,000 | ||
|
Viraj |
72,000 | ||
| Investment | 36,000 | ||
| Plant | 90,000 | ||
| Building | 36,000 | ||
| 2,55,000 |
2,55,000 |
They admit Hari into Partnership on 1.4. 2019 the terms being that :
1 He shall have to bring in ₹60,000 as his Capital for 1/4 share in future profits
2 Value of Goodwill of the Firm is to be fixed at The average profits for the last three years. The Profit was.
2009-10 ₹ 48,000,
2010-11 ₹ 81,000
2011-12 ₹ 73,500
Hari is unable to bring the value of the Goodwill in cash. It is decided to raise the Goodwill in the books of accounts.
3. Reserve for Doubtful Debts is to be created at ₹ 1,500.
4. Closing Stock is valued at ₹ 22,500
5. Plant and Building is to be depreciated by 5%
Prepare Profit and Loss Adjustment A/c, Capital Accounts of Partners, And Balance Sheet of the New Firm.
The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2
| Balance Sheet As On 31st March 2018 |
|||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 30,000 | Cash | 3,000 |
| Capital A/c | Building | 15,000 | |
| Om | 21,000 | Machinery | 21,000 |
| Jay | 21,000 | Furniture | 900 |
| Current A/c | Stock | 12,300 | |
| Om | 3,750 | Debtors | 27,000 |
| Jay | 3,450 | ||
| 79,200 | 79,200 | ||
They take Jagdish into partnership on 1st April 2018 the terms being:
- Jagdish should pay 3,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
- He should bring 9,000 as capital for 1/4th share in future profits.
- Building to be valued at 18,000, Machinery and Furniture to be reduced by 10%.
- A Provision of 5% on debtors to be made for doubtful debts.
- Stock is to be taken at a value of 15,000.
Prepare profit and loss A/c, Partner’s Current A/c, Balance Sheet of the new firm.
What are the journal entries to be passed on revaluation of assets and liabilities?
Hari, Madhavan and Kesavan are partners, sharing profits and losses in the ratio of 5 : 3 : 2. As from 1st April 2017, Vanmathi is admitted into the partnership and the new profit sharing ratio is decided as 4 : 3 : 2 : 1. The following adjustments are to be made.
- Increase the value of premises by ₹ 60,000.
- Depreciate stock by ₹ 5,000, furniture by ₹ 2,000 and machinery by ₹ 2,500.
- Provide for an outstanding liability of ₹ 500.
Pass journal entries and prepare a revaluation account.
Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7 : 5. Their balance sheet as on 31st March, 2019, is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Land | 80,000 | ||
| Amal | 70,000 | Furniture | 20,000 | |
| Vimal | 50,000 | 1,20,000 | Stock | 25,000 |
| Sundry creditors | 30,000 | Debtors | 30,000 | |
| Profit and loss A/c | 24,000 | Debtors | 19,000 | |
| 1,74,000 | 1,74,000 |
Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of ₹ 30,000 for 1/3 share in the future profit subject to the following adjustments.
- Stock to be depreciated by ₹ 5,000
- Provision for doubtful debts to be created for ₹ 3,000
- Land to be appreciated by ₹ 20,000
Prepare revaluation account and capital account of partners after admission.
The following is the balance sheet of James and Justina as on 1.1.2017. They share the profits and losses equally
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 70,000 | ||
| James | 40,000 | Stock | 30,000 | |
| Justina | 50,000 | 90,000 | Debtors | 20,000 |
| Creditors | 35,000 | Bank | 15,000 | |
| Reserve fund | 15,000 | Prepaid insurance | 5,000 | |
| 1,40,000 | 1,40,000 |
On the above date, Balan is admitted as a partner with a 1/5 share in future profits. Following are the terms for his admission:
- Balan brings ₹ 25,000 as capital.
- His share of goodwill is ₹ 10,000 and he brings cash for it.
- The assets are to be valued as under:
Building ₹ 80,000; Debtors ₹ 18,000; Stock ₹ 33,000
Prepare necessary ledger accounts and the balance sheet after admission.
Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 7 : 5. The balance sheet of the partners on 31.03.2018 is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Computer | 40,000 | ||
| Anbu | 4,00,000 | Motor car | 1,60,000 | |
| Shankar | 3,00,000 | 7,00,000 | Stock | 4,00,000 |
| Profit and loss | 1,20,000 | Debtors | 3,60,000 | |
| Creditors | 1,20,000 | Bank | 40,000 | |
| Workmen compensation fund | 60,000 | |||
| 10,00,000 | 10,00,000 |
Rajesh is admitted for 1/5 share on the following terms:
- Goodwill of the firm is valued at ₹ 80,000 and Rajesh brought cash ₹ 6,000 for his share of goodwill.
- Rajesh is to bring ₹ 1,50,000 as his capital.
- Motor car is valued at ₹ 2,00,000; stock at ₹ 3,80,000 and debtors at ₹ 3,50,000.
- Anticipated claim on workmen compensation fund is ₹ 10,000
- Unrecorded investment of ₹ 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.
If at the time of admission, there is some unrecorded liability, it will be:
